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An all time high, yet again. Bitcoin saw unprecedented trading volumes over the weekend. At one point, 24 hour Bitcoin volume of crossed $3 billion (another first) skyrocketing its price from $3500 to over $4100. This is the first time Bitcoin price has climbed to over $4000 for the first time since it was created back in January 2009.
With this rise in Bitcoin price the total value of cryptocurrencies have reached to almost $140 billion. Investors remain positive about Bitcoin as compared to other cryptocurrencies. If this supper bullish trend continues, we could see BTC price against the US Dollar to hover over $4500 by the starting of next week.
Surprising the gurus of crypto industry, Bitcoin price broke both the key resistance levels ($3700 and $3900) within two days. This uptrend looks extremely strong and putting pressure on rival cryptocurrencies like Ethereum and newly-born Bitcoin Cash, which are tanking below $300.
Top Stories from the Crypto World
1. Google search trends are in sync with Bitcoin price
Chris Burniske, author of ‘The Innovative Investor’s Guide to Bitcoin and Beyond’, in a series of tweets highlighted the correlation between Google search trend and Bitcoin price. He said, “An increasing price drives interest in Bitcoin. That interest further drives the price of Bitcoin.”
According to him Bitcoin bubble means a period where price doubles (or more) in a 30 day period and after every bubble there is a crash.
Does that mean Bitcoin price could come back crashing from $4300? No. It is highly unlikely the price will crash like it used to. Any major decline in the near future can be considered a buying a opportunity above $3800.
2. BTC-e will offer free trading for Exchange Debt token
BTC-e has been in constant touch with the outside world through their Bitcointalk account since it was taken down last month.
In the latest update BTC-e says it will offer free trading in a market for those tokens (called BTCT), through which users can sell at the prevailing rate. The tokens will trade at “any price, but no more than their face value,” the representative said.
The post explained:
“For example, you had 1 BTC. You will receive 0.55 BTC and 0.45 BTCT. 0.55 BTC you can output immediately. The remaining 0.45 BTCT you can either exchange for BTC at the market rate, or wait for their exchange at face value.”
3. Traditional asset tokenization could have an impact on liquidity across multiple asset classes
Stephen McKeon, a Finance professor at University of Oregon who is studying cryptoassets, security issuance, private equity, and M&A, recently wrote an extremely intriguing blog post.
He tries to explain how tokenization of traditional assets will have an impact on liquidity across multiple asset classes in the coming years. He claims that this will not only hold true for crypto investors, but for traditional investors as well.